The role of economic tools in redefining fisheries management

Abstract

This chapter discusses the cause of the present crisis in world fisheries, i.e. Overexploitation of fish stocks and excessive fleets and labour. The cause is identified as the absence of ownership of fish resources, and the main remedy proposed is the introduction of use rights such as transferable fish quotas or fishing licences. The reason why traditional regulations have not been adequate is traced back to the political control of fisheries management; rather than being profit-driven and trying to correct for the basic market failure that stems from free access to the fish, management has aimed at serving political goals by catering to special interests in the fishing industry at the expense of economic efficiency.